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Best Ways to Send Money to Kenya

Find fast, low cost transfers, the best exchange rates, and top rated customer support on transfers to Kenya.

Read on for reviews, expert advice, and all you need to transfer money to Kenya easily.

Sarah Edwards
Author 
Sarah Edwards
17 minutes
February 9th, 2024
Disclosure
Best Overall
9.2
Wise

Wise is the top rated money transfer provider that usually appears in our search results to Kenya.

Fastest Option
8.6
XE

XE tends to be the fastest way to send money to Kenya for many origin countries and send amounts.

Cheapest Option
8
Regency FX

Users who searched to send money to Kenya usually find Regency FX had the lowest rates and fees.

Compare rates and fees on transfers to Kenya

There are multiple ways to easily send and receive money in Kenya but these will largely depend on the provider you decide to use.

How can I pay for my money transfer to Kenya?

While every money transfer provider will have different payment requirements, most allow you to pay with one or more of the following methods:

  • Bank transfer: Most money transfer apps can be completed with a bank transfer. Bank transfers take longer than other options (such as a credit card) but require the least fees.

  • Credit cards: Credit cards can accelerate the process if speed is an issue. Just be aware that some providers charge different fees or exchange rates when paying by credit card, and some credit card companies charge a cash advance fee when sending money abroad. Users should also be careful to pay their balance to avoid high interest charges.

  • Debit cards: Debit cards offer the speed of a credit card without the headache of interest charges. However, depending on your card issuer, you may still have to pay currency conversion fees or cash advance fees.

  • Digital wallet: Apps like Google Pay, PayPal, and Apple Pay can also integrate with popular money transfer apps, though the fees can vary between the digital wallet.

What is the best way to send money to Kenya?

While your options are numerous, the best way to send money to Kenya is to use a money transfer provider and pay with a bank transfer.

Apps like XE are beneficial for offering fast transfers (one to two hours) with no fees. WorldRemit is even faster, with transfers completed within minutes.

Money transfer providers also accept credit and debit cards. That said, you may pay higher fees when using these payment methods. When possible, avoid payments sent over the SWIFT network, which can add to the transfer time and the fees you incur during the transfer.

To review the fees and features of money transfer providers, use the search feature on MoneyTransfers.com.

How long does it take to send money to Kenya?

The exact transfer time will depend on two factors.

Second, higher amounts can take longer to clear security protocols. That’s because some banks have cut-off times. The transfer will wait until the next day if you send money after this deadline.

The transfer times of popular apps include:

  • XE: One to two hours

  • WorldRemit: A few minutes

  • Instarem: Two days

Note that the exact time can vary, as the above transfer times are based on sending $2,000 to Kenya.

What is the fastest way to send money to Kenya?

The quickest way to send money to Kenya is through a money transfer app, and WorldRemit takes only a few minutes. The fastest way to send money to Kenya without paying a fee is through XE, which only takes one to two hours.

Paying with a credit or debit card may make the process faster, though users should be cautious about additional exchange fees, overseas transfer fees, or interest charges.

Cash pickups also provide a fast way to send money to Kenya. Money transfer providers like XE and WorldRemit can help users locate an approved agent or bank, such as the Co-Operative Bank of Kenya or Kenya Commercial Bank. The apps also feature tools for recipients to easily find a pickup location in their area.

Avoid bank transfers that rely on the SWIFT network. Money transfer providers can enact fast transfers by using their own networks. Conversely, transfers using the SWIFT network can be slow and accumulate fees.

How much does it cost to send money to Kenya?

If you send money to Kenya or any country that doesn’t use American currency, you’ll have to pay for the following:

  • The amount of money you’re sending

  • Any fees associated with the transfer

  • The exchange rate

You’ll convert American dollars into Kenyan Shillings (KES) when sending funds to Kenya.

The exchange rate varies between money transfer providers. Here’s what $2,000 becomes when you use different money transfer apps:

  • XE: KES 277,480.49 (exchange rate: 138.7402)

  • WorldRemit: KES 288,017 (exchange rate: 144.0086)

  • Instarem: KES 280,000 (exchange rate: 140)

Make sure to distinguish between fixed fees and percentage fees. The above providers offer fixed fees based on sending $2,000 or less, but other providers may charge percentage fees that vary depending on how much you send and your payment method.

Additionally, you can compare the exchange rate of providers to the mid-market rate, which is the midpoint between the buying and selling price of a foreign asset.

What is the cheapest way to send money to Kenya?

Almost invariably, the most affordable way to send money to Kenya is to use a money transfer provider and pay via bank transfer.

With XE, you don’t even have to worry about a transfer fee, though for a low fee ($0.99), WorldRemit allows you to send money to Kenya within minutes.

Money transfer apps also allow you to use credit and debit cards or digital wallets. The fees can vary by payment method and provider, so make it a point to select a method that suits your budget.

Wire transfers and any SWIFT network transaction will usually be the most costly.

If you want to research rates and fees, start by using the search tool on MoneyTransfers.com.

What do I need to send money to Kenya?

Money transfer providers commonly ask for the following details:

  • Your personal info: When creating an account, enter your first and last name and contact details and provide a photo ID for verification.

  • The recipient’s information: You’ll need both the recipient’s personal information (name, address, contact info) and their financial information. This includes the SWIFT code (to identify the bank) and the receiving bank's name, address, and account number. Kenya doesn’t use the IBAN codes commonly used in other countries.

  • Method of payment: Choose your payment method (bank transfer, credit/debit cards, etc.) or integrate your digital wallet.

What do I need to receive money in Kenya?

Recipients residing in Kenya will need to provide their contact information and a valid form of identification, such as:

  • Kenyan driver’s license

  • Passport

  • Kenyan national ID card

To receive money, recipients will also need to provide details on their bank account, ensuring that SWIFT codes are accurate and that the sender has the name, address, and bank account information of the receiving bank.

Do I pay tax on money transfers to Kenya?

Senders are exempt from paying tax on gifts of up to $17,000 (or $34,000 for married couples filing jointly).

However, you'll pay tax on transfers under the following circumstances:

  • You send more than the $17,000/$34,000 gift allowance

  • Your business sends more than $10,000 during the tax year

  • You have a foreign account containing more than $10,000

Gifts aren’t taxable under Kenyan law, though any money received as payment will be classified as a form of income, which recipients can report on their annual income tax return.

What reasons do people send money to Kenya?

The USA calls itself home to over 100,000 Kenyans, and Kenya sees more than 250,000 visitors from the USA in a typical year. It’s therefore understandable that people living in the USA might need to send money to Kenya to cover expenses that include:

  • Business expenses

  • Investments

  • Travel expenses

  • Medical bills

  • Debts

  • Education and tuition

Thankfully, money transfer providers allow users to safely and affordably transfer money to Kenyan residents.

Sending money to major banks in Kenya

Kenya’s major banks include:

  • The Co-Operative Bank of Kenya

  • Standard Chartered Kenya

  • ABSA Bank Kenya PLC

  • Kenya Commercial Bank

  • National Bank of Kenya

  • Diamond Trust Bank

Most major banks are compatible with money transfer providers, making it convenient for residents of the USA to send money.

The USD to KES exchange rate

Mid-market Rate
1
= 134.000082 KES
Mid-market rate at: 13:47 UTC
USD/KES Median: 136.511632 Low: 134.000082 High: 139.000392
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What apps can I use to send money to Kenya?

To send money to Kenya, you can use an app like:

  • XE

  • WorldRemit

  • Instarem

  • TorFX

  • Wise

What if the recipient doesn’t have access to a Kenyan bank? No problem — they can still receive money using a digital wallet. Popular Kenyan digital wallets include:

  • M-Pesa

  • Airtel Money

  • Equitel

  • T-Kash

If you need to find a money transfer app, use the search tool on MoneyTransfers.com to compare rates and transfer times.

Useful links for People from Kenya Living Abroad

If you’re from Kenya, you may benefit from the following links:

MoneyTransfers.com is also an excellent resource for learning more about international money transfers.

Sending Different Amounts of Money to Kenya

What can you expect when sending money to Kenya? It depends on how much you’re sending. Here are some general expectations for sending money to Kenya.

Sending under $1,000 to Kenya

Sending small amounts to Kenya is easy and affordable. Money transfer providers allow you to send up to $2,000 quickly, and apps like XE will enable you to do so without fees.

Sending $1,000 or more to Kenya

Money transfer apps let you send small amounts, but depending on your provider, you may run into a money transfer limit.

XE has a large limit of $500,000, though WorldRemit only allows you to send $5,000 per transaction (or only $300 when using Apple Pay), with a 24-hour limit of $9,000.

Instarem has no daily limit, though you may need to complete a small, successful transfer before moving on to larger amounts.

Sending $10,000 or more to Kenya

To send more than $10,000, you’ll need to use XE or Instarem, as WorldRemit has a $9,000 daily transfer limit. Instarem has no daily limit, enabling users to send larger sums.

Sending $100,000 or more to Kenya

Instarem and XE can both be used to send larger amounts. Once you send six-figure sums, you might also consider brokerage services such as TorFX or Currencies Direct.

Looking to Send Money Somewhere Else?

Sending money anywhereelse is as easy as sending money to Kenya. So if you’re looking to send money to another country, here is the list of the most popular destinations.

Send Money to Africa With Our Money Transfer Guides

Send Money to an From Kenya With These Guides

Choose which corridor to send money through:

Frequently Asked Questions About Kenya Money Transfers

What’s The Overall Best Way To Send Money To Kenya?
What’s The Easiest Way To Send Money To Kenya?
What’s The Cheapest Way To Send Money To Kenya?
What’s The Fastest Way To Send Money To Kenya?
Current Exchange Rates For Kenya
How we compare?
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Contributors

Sarah Edwards
Sarah is a proficient Content Writer who specialises in the financial sector. Her expertise lies in delivering clear, informative articles that help readers navigate the complex world of financial transactions and currency exchanges.